Gates said he was in favor of raising the inheritance tax - a sentiment he echoed during a recent podcast interview with the Verge, during which he also deemed Democrats calls for higher income tax rates a "misfocus".
The one thing that never gets much press - the IRS shows the statistics for the top 400 people of the highest income and the rate they pay.
'If you focus on that, you're missing the picture, ' he said.
'They have income that just is the value of their stock, which if they don't sell it, it doesn't show up as income at all, or if it shows up, it shows over in the capital gains side, ' he said, Fox News reported. "Nobody does. It has come through timing, luck, and through people I worked with".
While Ocasio-Cortez has been impressive in many ways on social media, she doesn't lead in other metrics, with Sen. Elizabeth Warren has proposed a "wealth tax" that slaps a 2 per cent tax on households worth $50 or more, and 3 percent for those with a fortune worth $1 billion or more. 'Now, you finally have some politicians who are so extreme that I'd say, "No, that's even beyond".
Microsoft co-founder Bill Gates, who has a net worth approaching $100 billion, has slammed tax policies like the one put forth by Alexandria Ocasio-Cortez, saying they miss the larger picture and could create tax dodging. "We can be more progressive without really threatening income generation - what you have left to decide how to spread around", Gates said. Bernie Sanders having more followers on Instagram, Sanders and Sen.
Rep. Alexandria Ocasio-Cortez, D-N.Y., center, listens as President Donald Trump delivers his State of the Union address to a joint session of Congress on Capitol Hill in Washington, Tuesday, Feb. 5, 2019. "The people you owe the money to, you will have a problem". I hate to tell you.
The theory, also known as MMT, dismisses concerns about sovereign debt since countries that print their own currency can't really run out of money.